The White House and BP tentatively agreed on Wednesday that the oil giant would create a $20 billion fund to pay claims for the worst oil spill in American history.
The fund will be independently run by Kenneth Feinberg, the mediator who oversaw the 9/11 victims compensation fund, according to two people familiar with the deliberations.
The agreement was not final and was still being negotiated when President Obama and his top advisers met on Wednesday morning with BP’s top executives and lawyers. The preliminary terms would give BP several years to deposit the full amount into the fund so it could better manage cash flow, maintain its financial viability and not scare off investors.
The talks have been complicated by the fact that BP’s ultimate liabilities for the cleanup and lost business are unknowable since the two-month-old leak of its well in the Gulf of Mexico could be spewing oil for months more.
To date, BP has spent more than $1 billion on containment, cleanup and claims from the Coast Guard, fishermen, oil workers and other businesses.
Since late last week, the negotiations have been closely held given the market sensitivity for BP, which has seen its stock lose about half its value since the spill.
BP’s next dividend for shareholders is another issue on the table. Some members of Congress have called for blocking any dividend payments, though the legality of such action is in dispute.
The tentative agreement comes a day after Mr Obama addressed the nation.
Showing posts with label President. Show all posts
Showing posts with label President. Show all posts
Thursday, June 17, 2010
Friday, March 19, 2010
Bollywood shines at 56th National Awards ceremony
The 56th National Film Awards ceremony here Friday was high on the Bollywood quotient owing to the presence of celebrities like Priyanka Chopra, Kangana Ranaut and Farhan Akhtar. President Pratibha Patil gave away the awards to the winners.
Bollywood bagged 13 awards at the ceremony.
Priyanka Chopra came in a white thread-work sari to receive the Best Actress award for her role in “Fashion”, Kangana walked up the podium in a black salwar-kameez to take the Best Supporting Actress award for the same film.
Arjun Rampal, who attended the award ceremony with his wife Mehr Jessia, looked suave in a black bandhgala suit when he received the award for Best Supporting Actor for “Rock On!”. Farhan Akhtar too was present at the event, where his debut movie as an actor was given the Best Film award.
Chinni Prakash and his wife Rekha Prakash received the Best Choreography award for the song “Azeem-o-shaan shehenshah” in Ashutosh Gowariker’s epic “Jodhaa Akbar”. The song depicts dance forms of different Indian states.
Fashion designer Neeta Lulla, wearing a plain green sari, received the Best Costume Designer award for styling actress Aishwarya Rai in “Jodhaa Akbar”.
Nandita Das’ directorial debut “Firaaq”, which was based on the 2002 Gujarat riots, won the awards for Best Editing for A. Sreekar Prasad and Best Art Direction for Gautam Sen.
Neeraj Pandey’s “A Wednesday” bagged the Indira Gandhi award for Best First Film of a director and Yash Raj Films’ “Roadside Romeo” bagged the Best Animation Film award.
Dibakar Banerjee’s satirical “Oye Lucky! Lucky Oye!” was given the award for the best popular film providing wholesome entertainment, “Mumbai Meri Jaan” directed by Nishikant Kamat got the award for best special effects (“Govardhan“) and “Thanks Maa” has got Shams Patel the Best Child Artist award.
Marathi film “Jogva”, a poignant tale of one woman’s journey to break free from the shackles of discrimination, sexual oppression and servitude to find true happiness, bagged the maximum honours.
Its lead actor Upendra Limaya won the best actor award and the film was adjudged the best film on social issues. The movie also won two awards each for playback singers Shreya Ghoshal and Hariharan for the song “Jeev dangla gungla rangla”. Music composers Ajay and Atul also won the best music direction award for their songs for the film.
Annirudh Roy-Chowdhary’s Bengali project “Antaheen” got four awards, including for best feature film. The film, about love and loneliness, won awards for best cinematography and best lyrics, while Shreya Ghoshal won the award for best singer for the song “Pherari mon”. Shreya couldn’t attend the function and Roy—Chowdhary receieved it on her behalf.
Marathi film “Gandha” bagged two awards -- best screenplay for Sachin Kundalkar and best audiography for Pramod J. Thomas.
The award for the best film on family values went to Sooni Taraporewallah’s English film “Little Zizou” that revolves around the Parsi community.
Kannada film “Gubbachigalu” got the best children’s film award.
The special jury honour was given to Malayalam film “Bioscope”, produced by the National Film Development Corporation (NFDC) and directed by K.M. Madhusudhanan.
The award for best direction went to Bala for Tamil film “Naan Kadauul”.
The winners of best feature film in regional languages are “Mon Jei” (Assamese), “Shob Charitro Kalponik” (Bengali), “Vimukthi” (Kannada), “Thirakkatha” (Malayalam), “Harishchandrachi Factory” (Marathi), “Vaaranam Ayiram” (Tamil) and “1940 Lookagramam” (Telugu).
Information and Broadcasting Minister Ambika Soni was present at the event, which was compered by actress Divya Dutta.
Thursday, March 18, 2010
House to vote on Hyderabad
The state Assembly will pass a unanimous resolution on Thursday recommending the deletion of a clause in the Presidential Order that is coming in the way of treating Hyderabad as part of sixth zone in police recruitments.
This decision was taken at a meeting convened by the Chief Minister, Mr K. Rosaiah, with floor leaders of all parties in the Assembly on Wednesday.
The move was necessiated by the Supreme Court’s dismissal of a review petition filed by the state government against its ruling that Hyderabad could be considered a “free zone” for police recruitments.
Since the issue is sensitive, it was decided that the Chief Minister would move a one-line resolution and the House would adopt the same without any debate. Mr Rosaiah did the spadework for smooth passage of the resolution by making his ministers talk to the leader of opposition, Mr N. Chandrababu Naidu, in this regard.
In the SC order it was stated that paragraph 14 (f) in the Presidential Order excluded police officers defined under Hyderabad City Police Act 1348 Fasli from the zonal regulations.
The Assembly resolution will now seek the deletion of paragraph 14 (f) from the Presidential Order.
The advocate-general, Mr D.V. Seetharama Murthy, told the all-party meeting convened by the Chief Minister, Mr K. Rosaiah, to discuss the free-zone row that the state could file a curative petition, but the parties opted for an amendment to the Presidential Order.
The meeting also felt that there was no need for approval of Parliament for the proposed changes as the Presidential Order was an executive order. It was decided that the Assembly resolution would be forwarded to the Union home ministry, which in turn would take up the issue with the President. The parties urged the state government to ensure that there was no delay in getting orders from the President.
Earlier, the Telugu Desam sought an immediate resolution as soon as the Assembly was convened in the morning. Other Opposition parties joined the chorus.
However, in a strategic move, the Chief Minister proposed that an all-party meeting first. Sources close to Mr Rosaiah said he wanted a commitment from TD in the backdrop of the legislators divided on regional lines.
The government then opted for a meeting of floor leaders in the Assembly apparently to avoid the Telangana Rashtra Samiti, whose MLAs quit the House.
Though the TD delegation had leaders from all the regions there was no opposition to the government suggestion and similar was the case with Praja Rajyam. The MIM, Left, BJP and Lok Satta too extended support to the move.
This decision was taken at a meeting convened by the Chief Minister, Mr K. Rosaiah, with floor leaders of all parties in the Assembly on Wednesday.
The move was necessiated by the Supreme Court’s dismissal of a review petition filed by the state government against its ruling that Hyderabad could be considered a “free zone” for police recruitments.
Since the issue is sensitive, it was decided that the Chief Minister would move a one-line resolution and the House would adopt the same without any debate. Mr Rosaiah did the spadework for smooth passage of the resolution by making his ministers talk to the leader of opposition, Mr N. Chandrababu Naidu, in this regard.
In the SC order it was stated that paragraph 14 (f) in the Presidential Order excluded police officers defined under Hyderabad City Police Act 1348 Fasli from the zonal regulations.
The Assembly resolution will now seek the deletion of paragraph 14 (f) from the Presidential Order.
The advocate-general, Mr D.V. Seetharama Murthy, told the all-party meeting convened by the Chief Minister, Mr K. Rosaiah, to discuss the free-zone row that the state could file a curative petition, but the parties opted for an amendment to the Presidential Order.
The meeting also felt that there was no need for approval of Parliament for the proposed changes as the Presidential Order was an executive order. It was decided that the Assembly resolution would be forwarded to the Union home ministry, which in turn would take up the issue with the President. The parties urged the state government to ensure that there was no delay in getting orders from the President.
Earlier, the Telugu Desam sought an immediate resolution as soon as the Assembly was convened in the morning. Other Opposition parties joined the chorus.
However, in a strategic move, the Chief Minister proposed that an all-party meeting first. Sources close to Mr Rosaiah said he wanted a commitment from TD in the backdrop of the legislators divided on regional lines.
The government then opted for a meeting of floor leaders in the Assembly apparently to avoid the Telangana Rashtra Samiti, whose MLAs quit the House.
Though the TD delegation had leaders from all the regions there was no opposition to the government suggestion and similar was the case with Praja Rajyam. The MIM, Left, BJP and Lok Satta too extended support to the move.
Parties reject curative plea
The advocate-general, Mr D.V. Seetharama Murthy, told the all-party meeting convened by the Chief Minister, Mr K. Rosaiah, to discuss the free-zone row that the state could file a curative petition, but the parties opted for an amendment to the Presidential Order.
The meeting also felt that there was no need for approval of Parliament for the proposed changes as the Presidential Order was an executive order.
It was decided that the Assembly resolution would be forwarded to the Union home ministry, which in turn would take up the
issue with the President.
The parties urged the state government to ensure that there was no delay in getting orders from the President.
Earlier, the Telugu Desam sought an immediate resolution as soon as the Assembly was convened in the morning.
Other Opposition parties joined the chorus.
However, in a strategic move, the Chief Minister proposed an all-party meeting first.
Speaking in Vijayawada, Mr Lagadapati Rajagopal supported the SC verdict on the free zone issue.
The meeting also felt that there was no need for approval of Parliament for the proposed changes as the Presidential Order was an executive order.
It was decided that the Assembly resolution would be forwarded to the Union home ministry, which in turn would take up the
issue with the President.
The parties urged the state government to ensure that there was no delay in getting orders from the President.
Earlier, the Telugu Desam sought an immediate resolution as soon as the Assembly was convened in the morning.
Other Opposition parties joined the chorus.
However, in a strategic move, the Chief Minister proposed an all-party meeting first.
Speaking in Vijayawada, Mr Lagadapati Rajagopal supported the SC verdict on the free zone issue.
Tuesday, March 2, 2010
Hillary in Latin-America: uphill all the way
Hillary Clinton is midway through a week-long tour of Latin America, as she seeks to rescue the United States’ flagging image in the region.
The Secretary of State will wrestle with a host of thorny issues during her trip, most of which offer but a slim chance of success.
Starting out in Uruguay, where Ms. Clinton attended the inauguration of President José Mujica, she may well have bumped into co-attendee and Venezuelan President Hugo Chavez, one of the most vocal critics of U.S. foreign policy in all of the Southern Cone.
However any formal interactions with Chavez or Evo Morales of Bolivia were earlier ruled out by Assistant Secretary Arturo Valenzuela who said in Washington that “the only bilateral that is on the books is with Cristina Kirchner, the president of Argentina”.
With Venezuela, Bolivia and Ecuador precluded from Ms. Clinton’s itinerary the pressure is on the Secretary to make the most of her interactions with the relatively moderate leaders of Uruguay, Brazil, Argentina, Chile, Guatemala and Costa Rica.
Yet even within that group her mission is daunting, none more so than the U.S.’s ambition to persuade President Luiz Inácio Lula da Silva to back its efforts to rein in Iran’s nuclear ambitions. While the U.S. is pushing for tougher sanctions against Iran through the United Nations Security Council, Brazil, a non-permanent member of the Council, has indicated its opposition to this.
“The visit also comes as Brazil gears up for general elections in October, with President Lula’s chief of cabinet Dilma Rousseff and governor of São Paulo José Serra the likely rivals in the race for president.”, according to Peter DeShazo of the Centre for International and Strategic Studies.
Argentina may prove to be yet another disappointment. With the Secretary meeting Ms. Kirchner at the peak of a dispute with Britain over sea-routes access to the Falkland Islands, her unexplained cancellation of a visit to Buenos Aires is likely to have bruised egos further.
In Chile, where Ms Clinton will again meet a newly elected leader, President-elect Sebastián Piñera, post-earthquake recovery is likely to crowd out any prior agenda. Trade may especially be marginalised, a likely concern for the U.S. given China’s growing dominance in this area.
The recent creation of the Community of Latin American and Caribbean States, a rival to the Organisation of American States marks some of the frustrations with American hegemonic tendencies. The Community is “a regional organization, whose only clear feature so far is that it will exclude the U.S. and Canada”, according to Kevin Casas-Zamora of Brookings.
If there were any hopes here that things would be different under President Obama, they were belied by U.S. hostility towards Manuel Zelaya in Honduras, an ally of leaders like Chavez and Kirchner. The persistent embargo against all things Cuban has not won them any points for popularity either.
If Ms. Clinton is to win hearts and minds in the Lat-Am region, she will have to convince her audiences over the rest of the week that substantive changes in U.S. foreign policy engagement in the region will follow her earnest interlocutory efforts.
The Secretary of State will wrestle with a host of thorny issues during her trip, most of which offer but a slim chance of success.
Starting out in Uruguay, where Ms. Clinton attended the inauguration of President José Mujica, she may well have bumped into co-attendee and Venezuelan President Hugo Chavez, one of the most vocal critics of U.S. foreign policy in all of the Southern Cone.
However any formal interactions with Chavez or Evo Morales of Bolivia were earlier ruled out by Assistant Secretary Arturo Valenzuela who said in Washington that “the only bilateral that is on the books is with Cristina Kirchner, the president of Argentina”.
With Venezuela, Bolivia and Ecuador precluded from Ms. Clinton’s itinerary the pressure is on the Secretary to make the most of her interactions with the relatively moderate leaders of Uruguay, Brazil, Argentina, Chile, Guatemala and Costa Rica.
Yet even within that group her mission is daunting, none more so than the U.S.’s ambition to persuade President Luiz Inácio Lula da Silva to back its efforts to rein in Iran’s nuclear ambitions. While the U.S. is pushing for tougher sanctions against Iran through the United Nations Security Council, Brazil, a non-permanent member of the Council, has indicated its opposition to this.
“The visit also comes as Brazil gears up for general elections in October, with President Lula’s chief of cabinet Dilma Rousseff and governor of São Paulo José Serra the likely rivals in the race for president.”, according to Peter DeShazo of the Centre for International and Strategic Studies.
Argentina may prove to be yet another disappointment. With the Secretary meeting Ms. Kirchner at the peak of a dispute with Britain over sea-routes access to the Falkland Islands, her unexplained cancellation of a visit to Buenos Aires is likely to have bruised egos further.
In Chile, where Ms Clinton will again meet a newly elected leader, President-elect Sebastián Piñera, post-earthquake recovery is likely to crowd out any prior agenda. Trade may especially be marginalised, a likely concern for the U.S. given China’s growing dominance in this area.
The recent creation of the Community of Latin American and Caribbean States, a rival to the Organisation of American States marks some of the frustrations with American hegemonic tendencies. The Community is “a regional organization, whose only clear feature so far is that it will exclude the U.S. and Canada”, according to Kevin Casas-Zamora of Brookings.
If there were any hopes here that things would be different under President Obama, they were belied by U.S. hostility towards Manuel Zelaya in Honduras, an ally of leaders like Chavez and Kirchner. The persistent embargo against all things Cuban has not won them any points for popularity either.
If Ms. Clinton is to win hearts and minds in the Lat-Am region, she will have to convince her audiences over the rest of the week that substantive changes in U.S. foreign policy engagement in the region will follow her earnest interlocutory efforts.
Friday, February 12, 2010
Zuma acknowledges role of Indians in consolidating democracy
South African President Jacob Zuma, has acknowledged the key role the Indian community has played in the country’s progress and in consolidating its democracy.
In his State of the Nation address at the opening of Parliament in Cape Town yesterday, Mr. Zuma also praised anti-apartheid icon Nelson Mandela, on the 20th anniversary of his historic release from jail.
Addressing the nation live on television and radio, he also applauded the role of the Indian community in South Africa.
“In November this year, we will mark the 150th anniversary of the arrival of Indians in South Africa,” Mr. Zuma said.
“It provides an opportunity to recognise the important contribution of the Indian community in the fields of labour, business, science, sport, religion, arts and culture in the achievement and consolidation of our democracy,” he said.
Mr. Zuma also addressed issues that have stymied the government’s progress on promises to improve education, health, crime and housing.
He extended condolences to the people of quake-stricken Haiti and praised South African-Indian doctor Imtiaz Sooliman, founder of ‘Gift of the Givers’ which was the first rescue team to reach the Caribbean nation.
“I would like to especially recognise (Sooliman) one South African who never fails to assist in times of disaster and helps us to promote a vision of a caring society,” Mr. Zuma said.
In his State of the Nation address at the opening of Parliament in Cape Town yesterday, Mr. Zuma also praised anti-apartheid icon Nelson Mandela, on the 20th anniversary of his historic release from jail.
Addressing the nation live on television and radio, he also applauded the role of the Indian community in South Africa.
“In November this year, we will mark the 150th anniversary of the arrival of Indians in South Africa,” Mr. Zuma said.
“It provides an opportunity to recognise the important contribution of the Indian community in the fields of labour, business, science, sport, religion, arts and culture in the achievement and consolidation of our democracy,” he said.
Mr. Zuma also addressed issues that have stymied the government’s progress on promises to improve education, health, crime and housing.
He extended condolences to the people of quake-stricken Haiti and praised South African-Indian doctor Imtiaz Sooliman, founder of ‘Gift of the Givers’ which was the first rescue team to reach the Caribbean nation.
“I would like to especially recognise (Sooliman) one South African who never fails to assist in times of disaster and helps us to promote a vision of a caring society,” Mr. Zuma said.
